Knowing how much your loan payments will be can help you determine if taking out debt is a good financial decision. Our simple Loan Payment Calculator can give you an idea of what your monthly payment might be for a mortgage, auto loan or student loan.
It can also help you see how different loan terms, interest rates and loan amounts could impact your monthly payments. Note that this calculator does not factor in any loan fees that may apply to mortgages or other specific types of loans.
Calculate Your Monthly Payment
Loan payment calculators can help you figure out whether borrowing money is a good idea and what your monthly payments will look like. You can also find out how much it will cost if you take longer to pay off the loan, or if you make extra one-time payments on top of your monthly principal. To get started, enter the size of your loan, your interest rate and your term in the calculator.
Then select either calculate by monthly payment or calculate by payoff time. The monthly payment option shows you how much your payment will be, while the payoff option allows you to input your desired finish line and see how long it would take at that rate.
Interest is calculated by dividing your loan balance by the loan length, and then multiplying by the interest rate. You can find your interest rate in the lender’s credit terms or on their website.
Most loans are amortizing, meaning that a portion of your monthly payment goes toward your principal and the rest pays off the interest you owe. You can use a 대출납입계산기 to estimate what your monthly payments will be for any type of amortizing loan. For example, you can use an auto loan calculator to estimate your monthly car payment or an education loan calculator to determine what your monthly student loan payment will be.
Calculate Your Total Payment
Depending on how much you borrow, how long you take to pay it back and the interest rate, loan payments can vary considerably. Our loan calculator lets you estimate how much your total payment will be based on the information you provide.
To calculate your total payment, enter the loan amount, term and interest rate, then click “compute”. The calculator will then show you how much your monthly payments will be, along with an amortization schedule. You can also change the amount of loan payments or the number of payments made to see how this will impact your total payment.
This loan calculator estimates your total payment based on the information you provide, but it does not factor in additional costs such as mortgage-related fees like origination or prepayment penalties. It does not account for other loan-related expenses either, such as homeowners insurance or property taxes.
The calculator assumes that you will make regular loan payments in equal installments over the term of the loan. It does not factor in alternative repayment plans, such as income contingent or graduated repayment. You may need to use a separate student 금융계산기 for these types of loans. The calculator does not work with variable-rate loans, such as adjustable-rate mortgages or variable-rate auto loans. You may wish to consider a fixed-rate loan instead.
Calculate Your Amortization Schedule
The loan amortization schedule is a table that shows how your payments are applied to principal and interest over the lifetime of the loan. It typically starts at month one with a total monthly payment and then shows how much of each subsequent monthly payment is allocated to principal and how much is paid toward interest. It also shows how the remaining principal balance decreases over time.
Most mortgages have an amortized loan schedule that can be found on your monthly statement. The schedule can be useful for homeowners because it helps them understand what portion of their monthly payment is going to reduce the outstanding principal balance and how much is paying towards interest. Homeowners can use a loan payment calculator to create an amortization schedule for their mortgage and see how different payment options might work with their budgets.
Most loan payment calculators allow users to input a target payoff date and then calculate how the goal change might impact the monthly payments needed, how much faster the loan could be paid off and how much interest that extra acceleration will save. This type of loan amortization calculator is especially useful if you have a windfall, such as an inheritance or a yearly bonus, and want to compare how to apply that money to your outstanding debt.
Calculate Your Minimum Payment
A loan payment calculator can help you determine how long it would take to pay off your debt if you make only the minimum monthly payments each month. It can also show you how much you will pay in total, including interest.
Most credit card issuers use a fixed percentage of your balance to calculate your minimum payment. This can vary by card. For example, a card may use 2% of your current statement balance, while another might use the average daily balance over the past few billing cycles. In addition, some cards add in any overdue or over-the-limit balances to your current balance to determine your minimum payment.
Missing a credit card payment or paying less than the minimum due can have negative consequences on your credit score and can cost you more in the long run through compounding interest. The good news is, you don’t have to make just the minimum payment each month to get out of debt.
The key is to understand how your minimum payment is calculated and to plan accordingly. By using this loan calculator, you can make a better plan to manage your finances and get out of debt. If you can afford to pay more than the minimum, try making an extra payment to reduce your balance faster. You can also move your debt to a card with a lower interest rate or a 0% introductory APR, which could save you money in the long run.
